David Stanton (Cork East, Fine Gael)
Link to this: Individually | In context | Oireachtas source

86. To ask the Minister for Enterprise, Trade and Employment to report on the progress of the Enterprise Ireland innovation scheme; the plans for the future of the scheme; and if he will make a statement on the matter. [43502/24]

Emer Higgins (Dublin Mid West, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The Smart Regions Enterprise Innovation Scheme was launched in October 2023. In total, the Scheme offers up to €145 million in funding across four distinct streams, supporting activities and projects based on a triple helix partnership model of collaboration between academia, industry and Government.

The Scheme includes a funding stream for capital infrastructure to support new builds as well as renovation or upgrading of existing facilities and also a funding stream for design and delivery of programmatic supports to businesses. This funding will ensure that approved projects can support SMEs, entrepreneurs and businesses in expansion and growth.

Funding streams have different specific aims designed to complement businesses in different ways, and these aims are represented by differing funding amounts and different requirements around access to the associated funds. In brief, the streams are as follows:

Stream 1: Local infrastructure projects funded at between €1 million and €10 million. Eligible costs include construction costs, building acquisition costs, architectural and engineering design fees and fit out and equipment costs.

Stream 2: Innovation clusters and consortia projects with funding availability of up to €2 million. This stream is designed to maximise enterprise collaboration through clustering and thereby stimulate growth and development of new or established clusters and consortia in a regional, cross-regional or national setting.

Stream 3: Innovation services to SMEs funded at between €200,000 and €1 million. This stream is designed to facilitate support services to SMEs which drive innovation solutions and enhance their competitiveness in a rapidly changing business environment.

Stream 4: Feasibility and Priming Grants. This stream is further broken down into two separate parts: feasibility study funding with support of up to €50,000 and priming funding with support of up to €200,000, both of which are intended to allow ground work preparation to be carried out ahead of larger projects.

Enterprise Ireland, which administers the Smart Regions Enterprise Innovation Scheme, has received a lot of interest in the Scheme, and a number of projects have recently had funding approved. There are additionally a number of other applications that are currently proceeding through the application process. I anticipate making a formal announcement of successful projects that have been funded to date in the coming weeks.

Potential applicants for Smart Regions funding are encouraged to contact Enterprise Ireland to discuss their plans further. Call 1 currently remains open for applications for funding across all four streams.